Best Buy Co Inc (NYSE:BBY) SVP Mathew Watson sold 380 shares of Best Buy stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $68.79, for a total transaction of $26,140.20. Following the transaction, the senior vice president now directly owns 20,206 shares of the company’s stock, valued at $1,389,970.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Mathew Watson also recently made the following trade(s):
- On Thursday, February 28th, Mathew Watson sold 1,000 shares of Best Buy stock. The stock was sold at an average price of $69.99, for a total transaction of $69,990.00.
Shares of BBY traded up $0.50 during midday trading on Thursday, reaching $68.85. 4,237,382 shares of the stock were exchanged, compared to its average volume of 3,583,367. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $84.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.46 and a current ratio of 1.18. The company has a market capitalization of $18.52 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.11 and a beta of 0.94.
Best Buy (NYSE:BBY) last posted its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.57 by $0.15. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The company had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $14.69 billion. During the same quarter last year, the firm earned $2.42 earnings per share. The company’s revenue was down 3.7% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co Inc will post 5.62 earnings per share for the current fiscal year.
Best Buy announced that its board has authorized a share buyback program on Wednesday, February 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the technology retailer to reacquire up to 18.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, March 19th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. Best Buy’s dividend payout ratio (DPR) is currently 33.83%.
A number of research firms have commented on BBY. Zacks Investment Research raised shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 21st. Piper Jaffray Companies reduced their price objective on shares of Best Buy from $87.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Thursday, February 28th. Credit Suisse Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $70.00 to $78.00 in a research report on Thursday, February 28th. Finally, Morgan Stanley lifted their price objective on shares of Best Buy from $65.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $76.33.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Best Buy during the fourth quarter worth $145,454,000. Teacher Retirement System of Texas raised its stake in Best Buy by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 456,959 shares of the technology retailer’s stock valued at $24,201,000 after purchasing an additional 60,833 shares in the last quarter. O Brien Greene & Co. Inc acquired a new position in Best Buy in the fourth quarter valued at about $2,702,000. FMR LLC raised its stake in Best Buy by 3.6% in the fourth quarter. FMR LLC now owns 23,545,963 shares of the technology retailer’s stock valued at $1,246,994,000 after purchasing an additional 816,394 shares in the last quarter. Finally, Aspire Private Capital LLC acquired a new position in Best Buy in the fourth quarter valued at about $69,000. 82.76% of the stock is owned by institutional investors.
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About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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